Recession Roundup: volume... oh nevermind

We like to spread good vibes around here, so believe us, we're getting pretty tired of this global economic collapse. However, there's more bad news to dole out. Kodak's reported a 24 percent sales drop and announced it's cutting up to 4,500 workers this year, while Toshiba posted its first loss in seven years, and announced cuts that would bring their expenditures down 80 percent from the current year. Finally, although this was previously predicted, Sony's announced that its profits were down a staggering 95 percent last quarter -- its first-ever third quarter loss posting. The Federation is not going to be pleased.

Read - Kodak posts loss, to cut up to 4,500 jobs
Read - Toshiba reports Q3 loss
Read - Sony's quarterly net profits tumble 95 percent

[AK66 @ Jan 29th 2009 7:43PM]

HMM I wonder who's next?

Apple, I believe.

[Flashpoint @ Jan 29th 2009 7:51PM]

As long a America's public school system keeps kids off the streets and requires A.P.'s to manage staff, I'M SAFE !

Thank God I followed after my family and got a city job instead of being a pilot or computer tech !

[The WC @ Jan 29th 2009 7:52PM]

Dream on, beautiful dreamer, dream on!

[KAIKAI @ Jan 29th 2009 7:53PM]

@flashpoint
your a A.P
are you teaching people your secrets of trolling to ?

[Dave @ Jan 29th 2009 8:23PM]

Re: who's next

Geordi?

[Ryan Trevisol @ Jan 29th 2009 8:54PM]

Flashpoint's an AP? I'd love to say I didn't think AP's could be as dumb as him, but I know better.

Well, as long as principals like to have tech gadgetry and "computers" for "student use", my job is fairly safe.

[Ryan Trevisol @ Jan 29th 2009 8:56PM]

Follow-up: I think we should find out who Flashpoint really is and get him fired from his AP job since he obviously spends all his time at work trollin'. I'm thinking we can save some school district somewhere around $60k.

[Ellianth @ Jan 29th 2009 8:56PM]

What is an AP?

[AltairAntares @ Jan 29th 2009 9:13PM]

Assistent principle I think.

[CraigJ @ Jan 29th 2009 10:49PM]

yes, because apple's sales are falling, and they had a really bad quarter. Oh, wait...

[Kurian @ Jan 29th 2009 11:49PM]

I hope Apple tanks and goes under.

[OneLove @ Jan 30th 2009 12:40AM]

Sorry number 1, but you are soooo fired...the klingons won't bail us out...tea...earl grey...hot!

[ahmedalhani @ Jan 29th 2009 7:43PM]

stupid bush!!

[Dave @ Jan 29th 2009 8:02PM]

Yup it's all Bush's fault.
Come on buddy you know to leave politics out of these tech blogs.

[Lane @ Jan 29th 2009 8:01PM]

What does Bush have anything to do with this?

[Nelson @ Jan 29th 2009 8:24PM]

I don't think he was talking about President Bush. It wasn't capitalized (as proper nouns should be), so as far as I can tell. it was some errant shrubbery nearby.

If he WAS talking about president Bush, then the fact that he doesn't understand proper English would lead one to believe that he doesn't understand far more complicated concepts like economics or how government actually works.

If this is the case, then his comment should be disregarded, not simply because it's politics in a tech forum, but beacuse he probably is dumber then a box of rocks.

[FreeRange @ Jan 29th 2009 8:28PM]

Dumber THAN a box of rocks?

[John @ Jan 29th 2009 8:44PM]

Nelson: "president Bush", "beacuse", "dumber then a box of rocks".

While it's not Bush's fault that the economy is in the toilet (just like it wasn't Clinton's doing that the economy did well under his presidency), he does and has always represented the values that got us into this financial crisis: deregulation, favor to big business, the "trickle down" theory, and the shipping of jobs overseas, to name a few. Guilt by association, if you will.

[Levi @ Jan 29th 2009 8:52PM]

Guys, guys - I think he was talking about his own bush. And how he can't keep his bikini line smooth.

I kid.

[Frankie G @ Jan 29th 2009 9:10PM]

Sorry to continue the politcal commentary.... BUT dergulation, privitization, and localization are EXACTLY what this economy needs. What are companies outsourcing? TAXES. What is Obama doing? Raising taxes.

Globalization and even a lot of nationalization (other than national retailing and other chain type national businesses) is a mish mosh for the economy. Let's use ATT for example. You've got thousands upon thousands of ATT employees isolated in very small areas or in a select few cities across the country. NONE of the money consumers spend with ATT is therefore funneled back into their local community. Thats why jobs aren't remaining stable. Furthermore, CUT THE EFFING corporate tax and see what kind of money the big private companies NOW HAVE to spend on salaries.

//end rant.

[i.c. weiner @ Jan 29th 2009 9:35PM]

hey nelson, think you might be over thinking a little? it's just a comment man

[kam @ Jan 29th 2009 10:06PM]

@FrankieG, don't get confused, deregulation, privatization and globalization are in bed together and not separate as you try to make in your argument. You say we need deregulation for business but then who is to stop businesses from outsourcing more jobs to save their asses from going out of business? You need regulation to control this. Business goes where the profit is, and that's why globalization has been so beneficial to them. Close a factory in iowa and leave families out in the cold while they ship the jobs over to a country where they can exploit the workers.

You want to cut MORE taxes? The last 8 years was a time of tax cuts and that obviously has not worked. You want healthcare? Schools for your children? Bridges that don't collapse and kill people? Then you pay taxes. In these hard times taxes are going to go up. If taxes were cut than people will only save that money, this does not increase consumer spending.

You're ideology of cutting taxes, deregulation, privatization is a cop out. Privatize schools? Do you think business models and your child's education should go hand in hand when economic benefit is the only impetus? Then pull your head out of your ass and realize that 60 years of Neoclassical economic theory is coming to an end. The government is going to have to reign in business and the banks from robbing the public. Did you know that one of the top guys at Meryl-lynch used over a million dollars to re-furnish his office? Millions of dollars that went to the banks was used to give more bonuses to their execs.

The notion of individualism and limitless wealth has been shot dead. So stop thinking like things are going to be the same for your children like they were for you when you grew up. Do your part to change things before your neighbors are living on the street.

And for those of you who think this doesn't belong on this blog, get over it. Technology and the Economic structure go hand and hand.

[CraigJ @ Jan 29th 2009 11:04PM]

@kam, et, al.

"If taxes were cut than people will only save that money, this does not increase consumer spending. "

I believe that this statement could not be further from the truth, and I want to see what economic references you have to back that assertion up. People these days are cutting back on a lot of things, they they would buy if they had the money.

[rpm @ Jan 29th 2009 11:50PM]

Kam.. I have never seen such a lengthy and totally ignorant statement posted on here. the long lens of history paints a whole different picture and tells a far different story than the drivel you shoveled out. please take the time to learn, read and study history before making so many false assumptions. Oh, and take a few economics classes while your at it..save yourself some embarrassment.

[MB1983 @ Jan 30th 2009 12:34AM]

@All

I'm not an economist, but like most people these days I have taken a casual interest in what economists do, and how our economy operates. I would point out that those who are economists are nearly evenly split on the issue of return from government spending vs. tax cuts. The theory of dynamic scoring, which has most notably been promoted by Andy Harless, co-author of the Indebted Society, considers the concept that a stimulus package will cause significantly lower impact to the deficit because it will create additional tax income, at least partially off-setting costs.

I'd also remind those with even a single class in economics under their belt that Keynes was a firm believer in focusing fiscal policy on lower income groups, as he believed that they would be more likely to spend that money rather than saving it.

All of this is mostly to say that, for those who might be suggesting that there are no sources available in the world of economics for many different opinions , the debate is far from settled.

[Ryan @ Jan 29th 2009 7:44PM]

Haha those Star Trek screen caps are great

[bokeen @ Jan 29th 2009 11:20PM]

I agree. I'm digging the new TNG theme for bad economic news. I don't know if it makes any sense, but I dig it nonetheless.

[mvp @ Jan 29th 2009 7:50PM]

Life sucks...

[Look_Around_You @ Jan 29th 2009 9:11PM]

And then you die?

[tha-don @ Jan 29th 2009 9:50PM]

if the world didn't suck so much we'd all fall off. so you should be grateful.

[mvp @ Jan 29th 2009 10:22PM]

I said life, not the world...

[Saad Rabia @ Jan 29th 2009 7:50PM]

If I was these companies, I would start a blog site and include the word "iPhone" in every articale I post. Recession solved.

[Levi @ Jan 29th 2009 8:55PM]

lol

Sony: "We're here today to introduce the new PS3 SKU. The price is the same, still no backwards compatibility, yeah, we still got Blu-Ray... You'll still have to erm... want to work overtime to get one... but this one has iPhone support!"

1 week later...

Engadget: "Sony reports a 95% increase in profits this quarter..."

[Anonylicious @ Jan 29th 2009 7:53PM]

Great pic, I love how Riker is wallowing in despair while Picard trying to understand and solve the problem. Pretty much sums up the two states you can exist in at the moment.

[j @ Jan 29th 2009 7:57PM]

you do realize picard's cannot recede anymore right?

[Fred @ Jan 30th 2009 1:10PM]

I love that you're reading that much into what is essentially just a clever picture. They've been posting the one of Picard doing the same thing as Riker for a few days (weeks?) now.

[Alex @ Jan 29th 2009 7:55PM]

Ya really need a roundup for three sets of layoffs?

[Benzodiazepine @ Jan 29th 2009 8:14PM]

Keep dreaming, American dream.

Give me economy, or give me death.

[Ignatius @ Jan 29th 2009 8:31PM]

Communism isn't looking too shabby now, considering we're falling apart at the seams with capitalism.

[broli @ Jan 29th 2009 8:17PM]

So when is it engadget's turn?

[Hife @ Jan 29th 2009 8:32PM]

Wait... if Sony's profits are down 95% how did they post a loss? Shouldn't that remaining 5% still be profit?

[AltairAntares @ Jan 29th 2009 9:15PM]

What about expenses? What if they're higher?

[Hife @ Jan 29th 2009 9:50PM]

I don't think that would affect it.

Say they had $1,000 in expenses last year and made $100 in net profit, meaning $1,100 in gross income.
This year they had $4,000 in expenses. 95% less profit than last year would still mean $95 less, still leaving $5, meaning $4,005 in gross income.

Point being, you calculate profit after expenses. So, if you say you made 95% less profit than last year, it doesn't matter if your expenses quadrupled, you still made 5% profit.

[Darrell @ Jan 30th 2009 10:34AM]

Yes but in the business world a drop in profits means a lowering of share value since the share isn't getting as much pull in the profits. Its not as bad as loosing money outright, but you are going to loose a hell of alot of investors, and thus your funding, in the process which is no good. Hence why SONY is going to have to make some drastic cuts so that they can basically prop themselves up for higher returns next quarter.

[God @ Jan 29th 2009 11:09PM]

This is starting to actually depress me.

Whatever, because i'm a bum, i'm not affected by these job cuts, everybody wins!

What.

[Look_Around_You @ Jan 29th 2009 8:34PM]

I feel bad for you kids that are entering into the workforce or graduating from college.

You are completely screwed!

But maybe it will give you a better perspective of the working world and may toughen you up.

[sjdurfey @ Jan 29th 2009 9:42PM]

That is why I am starting graduate school next year!

[webon @ Jan 29th 2009 10:58PM]

dad?

[Nastro @ Jan 29th 2009 8:42PM]

But but but Obamamessiah will usher in a new age of blah blah blah...HopeNChange!! HopeNChange!! HopeNChange!! HopeNChange!!

[mamaway76 @ Jan 29th 2009 8:47PM]

100K Jobs were created today. Why didn't Engadget report those?

http://digg.com/politics/The_Bias_in_Reporting_Job_Losses